Corporate & Commercial News 2010

Macleod & MacCallum advise Albyn Housing Society Ltd in connection with £40 million loan deal

Macleod and MacCallum recently advised Albyn Housing Society Limited in connection with a £40 million loan deal with The Royal Bank of Scotland. The deal was signed at Albyn’s AGM, held at the Drumossie Hotel in Inverness. Half of the loan will be invested into development projects around the region equating to around 400 homes for shared equity sale or low cost rent. Albyn’s Chief Executive Callum MacAulay commented that the re-negotiation of their current facility would help them “secure additional development funding to enable Albyn to help address demand for affordable housing in the Highlands”.
 

Official Opening of Albyn’s development at Fort Augustus

Corra Irwin, one of our Partners, was delighted to attend the official opening of Albyn Housing Society’s renovation of Bunoich School in Fort Augustus last week; especially as Corra acted on behalf of Albyn in the original site acquisition. The development comprises five properties for rent and five properties for sale. As an Albyn representative said “twenty three people are now going back to school – to live”! The properties for sale are now being marketed under Albyn’s LIFT Scheme which is a low cost initiative for first time buyers and is part of the Government’s programme for extending affordable housing ownership.